Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0088%/8h= +9.7% APRpaid last 24h +0.004%

Price spread now: Phoenix against SunX+2.370%7-day average +2.467% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)−0.189%−$19 · spread now +2.370%, 7d avg +2.467%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.097% cheaper against SunX than usual: you would sell low and buy high (spread +2.370% now, against its 7-day average of +2.467%). If the spread goes back, that is −$10 on $10k: about 3.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ENA-USDT	0.2080	0.0100	pay 0.0050% / 4h	2h 21m	$1K	$853K	20x
Short	Phoenix ENA	0.2129	0.0188	get 0.0024% / 1h	21m 10s	$7K	$351K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee PhoenixbpOrdersPrice spread, now +2.370%Rate

Funding earned: $18.57
Price spread: +2.370% → +2.467%: −$9.65
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.08
Costs to cover: 0.150%
Break-even: 9.3 days

Slippage unknown: SunX: live order book, 21 min ago; Phoenix: live order book, 45 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX live order book, 21 min ago	251.90 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	1.86 bp	16.6 bp −$17	51.8 bp −$518	doesn't fit	doesn't fit

ENA on 41 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2131	+2.447%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	+2.469%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0013%	1h	0.2131	+2.480%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+2.096%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2131	+2.457%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2134	+2.582%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2132	+2.510%	$55K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2131	+2.479%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2131	+2.461%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2133	+2.544%	$417K	$544K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2132	+2.495%	$132.0M	$443.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2131	+2.481%	$87.4M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2132	+2.515%	$20.9M	$108.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2135	+2.669%	$19K	$407K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2134	+2.606%	$79K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	+2.630%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2132	+2.486%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2131	+2.481%	$45.3M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2133	+2.568%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2130	+2.433%	$48.5M	$61.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2131	+2.481%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2133	+2.539%	$381K	$391K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2134	+2.587%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	+2.467%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+2.366%	$352K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	+2.366%	$32K	$657K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	+2.443%	$184K	$2.4M	10x	as long as short
SunX ENA-USDTlong	+0.0100%	4h	0.2080	long leg	$1K	$853K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2131	+2.462%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+2.649%	$275K	$866K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2131	+2.462%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2133	+2.556%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+2.444%	$75K	$4K	3x	as long as short
Phoenix ENAshort	+0.0188%	1h	0.2129	+2.370%	$7K	$351K	10x
Extended ENA-USD	+0.0232%	1h	0.2130	+2.407%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2133	+2.536%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	+2.466%	$51K	—	100x	as long as short
Lighter ENA	+0.0392%	1h	0.2134	+2.601%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	+2.420%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0502%	1h	0.2133	+2.577%	$115.2M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2135	+2.664%	$837K	$1.7M	50x	as long as short